C&W retained its Office Agency market leading position for 2013 – being involved in a record amount of leasing transactions equating to just over 85,000 sq m or 38% share of the Agents Market for the year.
According to the data published by the Budapest Research Forum (BRF), C&W concluded 57 transactions, with an average deal size of circa 1,500 sq m. Compared to 2012 C&W increased their market share by an additional 8%.
The Budapest Office Market produced a record year in 2013 with the total take-up reaching 397,000 sq m, which equals the previous record from 2011 and is 14% more than in 2012. However the most positive development of the year is that the vacancy rate dropped from 21% in Q4, 2012 down to 18.4% in Q4 2013, which means that in 2013 nearly 50,000 sq m of empty office space was absorbed in, which is a huge achievement compared to 2012 when the vacancy rate was increased compared to 2011. In conclusion the market is experiencing improvement due to the limited development activity coupled with the increased demand from occupiers.
Gergely Pados, Managing Partner at C&W Budapest commented: “It is a great achievement from the Office Agency team to be involved in so many transactions on the market as they have clearly established as the agency of choice for many of our key landlord and occupier clients in Budapest and the region. We are optimistic that with the increased interest and activity from international occupiers we will continue to see slow but steady improvement in the office sector in 2014 as well. We anticipate that vacancy rates will follow the trend started in 2013 and continue to slowly decline which is supported not only with the increased activity but also with the highly limited speculative developments”.
David M Johnston MRICS, Head of Office Agency at C&W Budapest commented: ‘’The performance of the team for 2013 was nothing short of fantastic. We are extremely proud of our track record, which is more impressive given the challenging economic conditions. Much of our work was repeat work from clients, which is testament to the trust they put in C&W – and something we hope to continue providing for the foreseeable future.’’
Besides other notable transactions the agents of C&W were involved in the biggest deal of the market in 2013, Exxon Mobile’s over 18,500 sq m office lease renewal while they also contributed to more than 26,000 sq m new transactions Budapest wide.